SELL WITH CHRISTIE’S IMPRESSIONIST AND MODERN WORKS ON PAPER AND DAY SALE CONTACT
· Imogen Kerr · ikerr@christies.com · +44 (0) 20 7752 3177 · Annie Wallington · awallington@christies.com · +44 (0) 20 7389 2638
Auction | Private Sales | christies.com Sold prices include buyer’s premium; for full details see christies.com
PROPERT Y FROM THE COLLECTION OF THE LATE MONT Y AND BARBIE PASSES: SOLD BY ORDER OF THE EXECUTORS
HENRI HAYDEN (1883–1970) Les joueurs d’ échecs, 1913 oil on canvas 55 ¼ x 70 ⅞ in. (140.3 x 180 cm.) Estimate: £300,000–500,000 Sold for: £1,139,250 Impressionist and Modern Art Day Sale, London, February 2020
Editorial and Index
Editorial
Dominic Thurlow-Wood Christie’s Estates, Appraisals and Valuation
Index 1 Editorial Dominic Thurlow-Wood 2 Heritage news Ruth Cornett 4 The increasing regulation of the art market Thomas Klemme 7 A time of gifts Anne Stewart 10 Thomas Chippendale Senior: ‘The Shakespeare of English furniture makers’ Robert Copley and Ann Sumner 13 Art, finance and the global markets Alistair Hodgson 16 Inside Christie's Adrien Meyer
The beginning of spring is traditionally
As prices across the global art market
purposeful and full of opportunity; a time to
continue to rise, it is only natural for works
brush off the winter blues and look forward
by pre-eminent artists to be compared
to longer days and warmer weather. However,
to different spheres of investment, a
as I write, the nation is paralysed by doubt
notion discussed by Alistair Hodgson,
and uncertainty as COVID-19 tightens its
Investment Manager at Pilling & Co.
grip. It appears that the crisis will continue
Alistair’s article analyses trends going
to develop as we approach the summer. So,
back to the crash in 2008, particularly
at the moment, we can only watch and wait.
pertinent in light of recent global events.
The spring edition of the Bulletin typically
In more positive news, we are delighted to
appears at a time filled with sales. However
highlight two stories where locations have
due to circumstances, this year is markedly
benefitted hugely from the Acceptance
quiet. For now, we hope that our spring
in Lieu scheme. With a focus on Northern
issue, which features a variety of articles
Ireland, Anne Stewart, Senior Curator of Art
and insights into the worlds of art and
at the Ulster Museum, notes how five recent
taxation, will bring an aura of positivity
allocations have enriched their collection
to an otherwise challenging period.
and drawn in thousands of new visitors.
As in previous editions, Ruth Cornett,
Back in England, the Victoria and Albert
Director of the Christie’s Heritage and
Museum was recently awarded an important
Taxation Department, provides an update
set of pier tables and glass mirrors crafted
on developments in the sector, including
by Thomas Chippendale. Through the
changes to personnel at the Art Fund and a
Acceptance in Lieu in situ loan agreement
worrying upsurge in recent artwork thefts.
with Harewood House Trust, the pair will
Ruth is also keeping a watchful eye on
remain on public display in Harewood’s
developments with regards to Brexit and will
Music Room, the room for which they
update the readership in due course, should
were originally designed. This spring’s
there be any sweeping changes to legislation.
publication includes an interview paying homage to the master furniture maker
Continuing with the legal theme, Thomas
and his relationship with Harewood.
Klemme of Charles Russell Speechlys law firm considers the ramifications of
Regular readers of the Bulletin will notice
changes to the UK’s anti-money laundering
that at the the beginning of a new season
regulations. The 2019 amendments represent
and, indeed, decade, we have taken the
an unprecedented shake up in compliance
opportunity to redesign and refresh the
requirements. Thomas’ article provides a
publication. From 2020, the Bulletin will
reference point for what needs to be done
once again return to a biannual print
and a glimpse into the future of what has
run with spring and autumn issues.
historically been an unregulated sector.
Cover
Copyright
Comments and Suggestions
Christie’s
Note
BERNARDO BELLOTTO (1722–1780)
© Christie, Manson and Woods Ltd., and contributors 2019. No
8 King Street, London SW1Y 6QT Tel: +44 (0) 20 7839 9060 Fax: +44 (0) 20 7839 1611
All views expressed in this
Venice: the Bucintoro at the Molo on Ascension Day
If you would prefer to receive future Bulletins by email or in PDF format, or if you have any comments or suggestions regarding the publication, please email dthurlowwood@christies.com
Negotiated by Christie’s and accepted in lieu of inheritance tax; allocated to Historic England for display at Audley End
part of this publication may be reproduced, stored in a retrieval system or transmitted by any form or by any means, electronic, mechanical, photo-copying, recording or otherwise without the prior written permission of Christie’s.
Bulletin are a matter of opinion only. Neither Christie’s nor contributors accept any liability whatsoever in relation to the accuracy of the opinions given.
1
Christie’s Bulletin for Professional Advisers
Heritage news
Ruth Cornett Director, Christie’s Heritage and Taxation Advisory Service
A new year, a new decade and perhaps the
can be set against a tax liability. The uptake
start of new a environment for heritage
of the scheme, as a consequence, tends to
in the UK. During the next few months,
be among lower value objects, where the
the landscape for heritage advice and the
value that is not reflected in the tax credit,
cultural sector may change significantly as
feels less punitive. Should amendments to
the negotiations for the terms of trading
the cultural gift scheme give a tax credit
with the EU take place. At the moment, it
that matches the tax credit available under
is still too soon to say how leaving the EU
the AIL scheme, which is frequently in the
will affect the heritage sector and the art
region of 70%, the cultural gifts scheme
market, but we are watching developments
would inevitably attract more interest.
closely and will be reporting on this issue as soon as there is clarity about it.
Of the 46 cases settled in the year, 33 related to the offer in lieu scheme (satisfying £33.6
New director for the Art Fund
million of tax) and 13 (satisfying £546,000 of
In the UK, the Art Fund has announced
tax) to the cultural gifts scheme. Highlights
the appointment of a new director, Jenny
of the year included the painting by Bellotto,
Waldman, who is to replace Stephen
The Bucintoro at the Molo on Ascension
Deuchar in April. Jenny Waldman, who led
Day, which satisfied £7 million of IHT and
14–18 NOW, the official arts programme
will remain at Audley End, and a pair of
to commemorate the first world war,
Chippendale pier tables and pier glasses
will join the national art charity in April.
offered in lieu in situ (to remain at Harewood
She replaces Stephen Deuchar, who is
House, but in the ownership of the Victoria
stepping down after a decade in the role.
and Albert Museum) which satisfied £5.6
The Art Fund is a key supporter of the
million of IHT. The importance of the scheme
UK’s museum and arts sector, running a
in keeping key works of art in their historic
range of funding programmes for curatorial
settings cannot be overstated. Both of these
work, loans and acquisitions, as well as
cases were negotiated through Christie’s
managing the annual £100,000 Museum
and gave the former owners satisfaction
of the Year prize. In recent years, the Art
in seeing the objects retained in the most
Fund has raised questions about the
appropriate settings, while generating
export licensing rules and procedures in
tax-efficient solutions for those owners.
the UK and it will be interesting to see
The AIL scheme continues to be popular
whether it continues to focus on this area.
and successful in matching the wishes of donors with the ambitions of institutions,
Acceptance in lieu report
museums and galleries to augment their
The annual report for 2019 of the Acceptance
collections and, in some cases, to strike up
in Lieu Panel, which considers offers in lieu
new relationships with partner institutions.
of inheritance tax and cultural gifts, has been
Congratulations to the acceptance in
published recently. This was the first year in
lieu panel and its secretariat at the Arts
which the value of the objects offered settled
Council for another successful year and
over £30 million in tax. The gross offer
the continuation of this important work.
value was also the highest amount, at £58.6
2
million. Cultural gifts which settle liabilities to
Changes to public institutions
income, capital gains and corporation tax are
The Wallace Collection in London is well-
increasingly popular, but the most significant
known for its outstanding collection of
deterrent to this scheme is the maximum
painting, furniture and the decorative arts
value (30% of the gross offer value), which
collected by the Marquesses of Hertford and
Heritage news
inherited by Sir Richard Wallace. In 1897,
recent spike in thefts, does not seem to be
that were at risk nor could the exchequer
following the death of Sir Richard’s widow,
diminishing. It is standard practice for many
shoulder the burden. In this difficult
the collection was bequeathed to the nation
national museums not to insure their own
environment, Sir Ernest Gowers’s committee
with a condition that the collection ‘shall be
collections, given the costs of premiums and
provided the government with a report that
kept together unmixed with other objects
the irreplaceable works of art on display. For
recommended retention of country houses in
of art’. This condition was imposed on the
the permanent collections this is entirely
private ownership, ideally with some help for
bequest despite the fact that during his
understandable, but for lenders to such
maintenance by grants. The intentions were
lifetime Sir Richard had lent items from his
institutions, the situation is resolved by the
the best option for preservation both for the
collection to other bodies. Nevertheless, the
operation of government indemnity, which
country and the depleted national exchequer.
condition in the bequest was understood
underwrites the risk of lending and would
Regrettably, by 1974 the V&A exhibition The
to mean that the collection could neither
compensate owners should their loans
Destruction of the English Country House
lend to temporary exhibitions nor borrow
suffer damage or destruction. Each value
showed that it had not been possible for
from other institutions. In 2019 the trustees
agreed for the purposes of government
every owner to preserve their house, as had
of the Wallace Collection, mindful of the
indemnity should be reviewed at regular
been hoped, but the Gowers Report did
recommendations of the Mendoza Review
intervals with the changes in the art market
provide a framework which led, eventually,
into museums, applied to the Charity
in mind. Additionally, for loans to temporary
to the introduction of maintenance funds.
Commission for permission to both lend
exhibitions, it is useful to consider whether
and borrow objects; this application was
the loan is appropriate and what special
Congratulations to the National Gallery
successful. The Wallace Collection will now
arrangements are in place, should a disaster
After many years on loan to the National
be able to participate in loans to and from
occur, to mitigate the damage. As a final
Gallery and a public campaign, The Finding of
other institutions and thereby hopes to
point, the nature of the venue should not
Moses by Orazio Gentileschi was acquired by
both increase and diversity its audiences.
lead to complacency; the Stasi Museum,
the gallery at the end of 2019. The campaign
which displays objects relating to the secret
was publicly spearheaded by the director
The Wallace Collection is not the only
police in the former East Germany may not
and the painting is an outstanding addition
institution to undergo significant change. The
have seemed to be the most likely target for
to the collection. It is worth reflecting on
Geffrye Museum in London has announced
thieves, but the thieves targeted communist-
the circumstances of its commission and
a new name and a new identity. The museum
era medals and jewellery believed to have
its message. Commissoned by Charles I
has been undergoing a major redevelopment
significant value either broken up or sold on
to celebrate the birth of his son, the future
and plans to reopen this summer with the
to unscrupulous collectors. While overcoming
Charles II, it was also a celebration of the
new name of 'The Museum of the Home'.
crime remains a challenge through the art
recently established dynasty, monarchs
Undergoing a rebranding is a significant
and heritage world, the loss suffered is
of England and Scotland, looking to the
event for any entity, but the (former) Geffrye
increased if the correct level of insurance
future, much as the infant Moses was to
Museum was thought not to reflect the
or government indemnity is not in place.
lead the Israelites. At this time of so much
remit of the museum sufficiently clearly;
uncertainty, taking a moment to reflect
again the hope is to increase attendance and
The Gowers Report
on an extraordinarily beautiful work of art
diversity with a simpler and clearer name.
2020 not only sees the anniversary of the
and to know that it has become part of the
voyage of the Mayflower, but also it is 70
treasures of the UK, is a pleasure that should
Security and thefts
years since the publication of The Gowers
be savoured. Congratulations to the National
The recent spate of thefts from museums
Report on the future of stately homes.
Gallery on this outstanding acquisition;
and galleries in the UK (at Dulwich Picture
The issue was particularly pressing as the
let us hope that by the end of 2020 we
Gallery) and Germany (the Royal Palace
ravages of the war had left many properties
have other equally happy stories to tell.
Museum in Dresden and the Stasi Museum
in vulnerable states and the country was not
in Berlin) has raised the issues both of
in a position to step in and care for them. The
security and insurance for loans to public
report looked at all the options; the National
galleries and museums. The market in stolen
Trust had been bequeathed its first country
art and antiquities has been estimated
house (Blickling) in 1940 but clearly was
to be worth £4.6 billion and, from the
not in a position to care for all the properties 3
Christie’s Bulletin for Professional Advisers
The increasing regulation of the art market
Nobody likes regulation: it distracts from
the world outside of the USA, almost entirely
the business of buying and selling art,
shuts down the UK commercial trade in
increases costs and may even scupper a
ivory. It prohibits almost any ‘dealing’ in
transaction altogether. Yet its presence
ivory. Dealing appears to exclude gifts and
is something that cannot be ignored, and
inheritance, but sales, purchases and even
dealers, auction houses and almost all art
the hiring of ivory artefacts are prohibited.
Thomas Klemme Associate, Charles Russell Speechlys
market participants who avoid it are now at
Therefore, if you are thinking of entering
risk of committing serious criminal offences,
into any transaction involving either an
which could close their businesses and even
ivory item or even an item which merely
Thomas Klemme is an associate at Charles Russell Speechlys. He specialises in all aspects of art-related litigation, advising dealers and collectors as well as other art market participants.
land them in jail. This article will give a brief
contains ivory, you should think again and
overview of the recent trend to regulate the
consider carefully whether your item falls
UK art market in order to bring it in line
within one of four very limited exceptions
with other sectors of the economy, such as
under the Act. They are as follows:
finance and real estate. In particular, it will look at the Ivory Act 2018 and the stringent
•
Money Laundering and Terrorist Financing
pre-1918 items of outstanding artistic etc value and importance;
(Amendment) Regulations 2019 (the ‘2019 Money Laundering Regulations’), which
•
pre-1918 portrait miniatures;
•
pre-1947 items with low
came into force rapidly and recently on 10 January 2020. It will also attempt to give practical advice on how to deal and best
ivory content; and
comply with these new laws so that art markets participants can continue to do
•
pre-1975 musical instruments.
what they do best: to buy and sell works of art. Finally, it will also briefly consider
In order to deal in pre-1918 items of
the future, suggesting that this is by no
outstanding artistic value and importance,
means the end of art market regulation.
art market participants must receive a government certificate. The application
4
One of the crucial points to take in is
process is not simple and it is set out in the
that committing a criminal offence is no
Act and includes the need for an accredited
longer just a matter of criminal intent and
expert opinion. All pre-1918 portrait
the purview of a few evil doers. The new
miniatures, which are limited to a maximum
money laundering laws discussed below
320cm2 in size, must be registered with the
are effectively strict liability offences and
government before an art market participant
just because an art market participant has
can deal in them. ‘Low ivory content’ means
not done something entirely reprehensible
less than 10% of the total volume and
does not mean they may not unwittingly or
even then it must be registered in order
unknowingly have committed an offence.
for an art market participant to deal in it.
In fact, as should be clear by the end of the
Finally, the musical instrument exemption
article, art market participants – including
mandates an ivory content of less than 20%
artists and agents – could be committing
of total volume and, again, the item must be
crimes simply by doing nothing.
registered before anyone can ‘deal’ with it.
The Ivory Act 2018
Failure to comply with the Act could result
In a nutshell, the Ivory Act 2018 (the ‘Act’),
in a custodial sentence of up to five years
the most stringent legislation of its kind in
and/or a fine. Crucially, it is an offence not
The increasing regulation of the art market
only to breach the prohibition on dealing
offence with powers to penalise businesses
compliance requirements, which for most
ivory but also to cause or facilitate a breach,
and their leading officers for company
(but not all) art market participants are now
potentially extending the scope of the Act
breaches, whether or not they participated
similar to those for bankers, accountants
beyond direct art market participants to
in those breaches. As ever, preparation is
and lawyers. The 2019 Money Laundering
their agents, advisors and assistants.
key and ignorance of the law will not serve
Regulations were suddenly enacted and have
as a valid defence.
wide application. There is the potential for
Therefore, in order not to fall foul of the Act,
art market participants to commit serious
art market participants should ensure that
Money Laundering and Terrorist Financing
offences under these new regulations. It
they and all those who work for them are
(Amendment) Regulations 2019
is this author's opinion that anyone who
properly trained and informed regarding it.
Whilst the Ivory Act is extremely restrictive
operates in or around the UK art market
For larger dealers and institutions, proper
it is at least limited and, except for those
should quickly get up to speed with its
procedures and systems should be
who deal in ivory, it is likely to have little
key terms to ensure that they and their
in place to ensure that the business as
impact on the UK art market as a whole.
business are properly compliant. If doubts
a whole is alerted to items made of or
The same cannot be for the 2019 Money
or uncertainties arise, they should seek
containing ivory. This is especially important,
Laundering Regulations. They represent
professional advice as a matter of urgency.
as the Act includes a specific corporate
an unprecedented shake up in art market
The 2019 Money Laundering Regulations represent a huge change for all businesses, from sole traders to giant corporations.
5
Christie’s Bulletin for Professional Advisers
The rest of this article will attempt to give
However, this is only the first step – checks
advise them regarding putting in place what
a brief overview of the most relevant parts
on the client must then be undertaken,
are almost inevitably going to have to be
of the 2019 Money Laundering Regulations
including ensuring that they are not subject
new compliance processes and procedures.
for art market participants. However, given
to sanctions, the purpose of the transaction
their complexity, this overview should by
and the source of the funds. This includes
Indeed, proper policies and procedures
no means be taken as comprehensive.
carrying out a general ‘risk assessment’ as
are themselves a legal requirement of
to whether the transaction could be tainted
the 2019 Money Laundering Regulations,
Who do the 2019 Money Laundering
by illegal or terrorist activity. Extensive
and authorities can review and request
Regulations apply to?
detail on what constitutes a proper risk
copies of them. Having these in places
The good news for some is that in its
assessment is contained in the 2019
before an incident happens should help
rush to enact the 2019 Money Laundering
Money Laundering Regulations. However,
to prevent a breach from occurring.
Regulations, parliament decided to define
it clearly entails a subjective element
‘art market participants’ pursuant to a
which is hard to quantify but puts the
Proper record keeping, including copies
definition set out in entirely separate
onus on those to whom the rules apply.
of client ID and written evidence of the
VAT legislation. This in turn excludes the
‘risk assessment’ which was carried out
following, who therefore are not subject to
Clients who are politically exposed persons
on each client, is highly recommended.
the new requirements: dealers in jewellery,
or who come from a high-risk jurisdiction
Depending on the size of your business,
collector’s items (such as wine, cars and
(a constantly updated list of which is
it may also be a requirement.
musical instruments) and antiques.
available on EU Commission’s website) must be subject to further ‘enhanced due diligence’.
Finally, as a general recommendation,
For everyone else, the rules apply to big
What this entails is set out in more detail in
proper training must be provided
and small, whether you are an international
the 2019 Money Laundering Regulations.
to all relevant employees.
2019 Money Laundering Regulations
The rules also require the appointment of
The future of art market regulation
appear to apply even to artists who sell
a ‘Money Laundering Report Officer’, which
For those who hoped Brexit would be
their works directly to clients. Given
is legal speak for a single person who is in
a general bonfire of regulation, the new
the rapidity with which the 2019 Money
charge of coordinating a firm or business’
government clearly does not intend to use
Laundering Regulations have been enacted
obligations under the rules. He or she is also
it to roll back anti-money laundering and
and the lack of consultation surrounding
responsible for reporting any reasonable
terrorist financing legislation. Conversely,
them, it is not entirely clear whether the
suspicions to the National Crime Agency.
it was only too happy to rush to enact the
rules apply to buying or selling agents.
Failure to report a reasonable suspicion is
EU’s latest such directive (which is what
However, until such clarity is provided,
a serious criminal offence.
the 2019 Money Laundering Regulations
auction house or sole trader. In fact, the
agents are highly recommended to assume that the rules apply to them too.
transpose into UK law) in Parliament’s Consequences for non-compliance
last working days before Christmas 2019.
A breach of 2019 Money Laundering
However, in their haste they chose to
The basic requirements
Regulations, which could be as simple as not
define art market participants by way
Any transaction over €10,000 requires an
fully or properly complying with them, could
of VAT legislation. It therefore appears
art market participant who does business
lead to a fine and/or two years in prison.
merely fortuitous that some art market
in the UK to know who their client is. This
participants are excluded, as set out above.
is equally applicable to UK or foreign-based
Practical advice
As such, it is this author’s opinion that
clients. For clients who are not individuals,
The best piece of advice this author can
such exclusions are unlikely to remain
such as trusts and companies, the ultimate
provide, given the complexity and scope of
forever and such art market participants
beneficial owner(s) must be ascertained.
the 2019 Money Laundering Regulations,
may find themselves suddenly subsumed
A valid passport or driving licence along
is for larger businesses certainly to obtain
under the wider anti-money laundering
with a proof of address should be sufficient.
professional advice. This is to ensure not
and terrorist regulations at any moment.
only that they comply with the rules but to 6
A time of gifts
A time of gifts Acceptance in lieu: how five recent allocations have enriched the art collections of the Ulster Museum, Belfast, National Museums NI
Late in 2019, six small Rembrandt etchings
National Gallery. This appetite could not
arrived in Belfast. Accepted in lieu of tax
have been known to the original collector of
and allocated to the Ulster Museum, they
the etchings or his executors as they had no
represent some of Rembrandt’s most famous
known connection with the north of Ireland.
subjects: Bearded man in a furred cap and Anne Stewart Senior Curator of Art, Ulster Museum, National Museums NI Anne Stewart studied Art History at the Universities of London and Oxford. She began her career at the National Gallery of Ireland and joined the Ulster Museum in 1983, where she is Senior Curator of Art. Her exhibitions include An Irishman on the Grand Tour, 1999, Irish Art from the Ulster Museum, National Gallery of Ireland, 2007 and retrospectives of Sir John Lavery and William Scott. She is currently co-curating a Willie Doherty exhibition for FMAV, Modena, Italy, and the Ulster Museum, 2020–21.
robe (1631), The Artist's Mother, seated
The Belfast Art Gallery and Museum,
at a table (1631), The Sleeping Herdsman
now the Ulster Museum, opened in 1929,
(1644), Six's Bridge (1645), The Adoration
the same year as MOMA in New York.
of the Shepherds: with the lamp (1654) and
It holds the national art collection of
The Descent from the Cross by torchlight
Northern Ireland, encompassing painting,
(1654). Whilst the decision to allocate these
sculpture, works on paper, silver, glass,
works to the Ulster Museum may seem
ceramics, furniture, costume, photographs,
unremarkable, it was nonetheless of genuine
time-based media and works made in
significance in that the etchings became the
response to the Troubles. Best-known for
first works by Rembrandt to enter a public
Irish and 20th century art, the collection
collection in Northern Ireland. That this
nonetheless ranges from the 1500s to
was a gap to be filled was demonstrated in
the present. Amongst its treasures are
2016 when the National Gallery generously
an exquisite late circular oil landscape by
lent Rembrandt’s Self Portrait at the age
J.M.W. Turner, The Dawn of Christianity (The
of 63 (Christie’s Masterpiece Tour) to the
Flight into Egypt) (1841), and an important
Ulster Museum. Over 28,500 visitors came
early Francis Bacon, Head II (1949).
to see the self-portrait in just eight weeks. Of these, almost half had never seen a
The Modern collection was begun in the
work by Rembrandt before or visited the
1920s, when the Lloyd Patterson bequest
REMBRANDT HARMENSZ. VAN RIJN (1606–1669)
Six's Bridge, 1645 Accepted in lieu of inheritance tax by HM Government and allocated to the Ulster Museum, 2019
7
Christie’s Bulletin for Professional Advisers
(of largely Victorian paintings) was sold with the benefactor’s approval to fund the purchase of modern British artists. This unusual decision led to the acquisition of work by Stanley Spencer, Paul Nash, Walter Sickert and others of that generation and established the practice of collecting contemporary art as a priority. Since the 1950s, acquisitions have included work by Henri Matisse, Morris Louis, Kenneth Noland, Jean Dubuffet, Antoni Tàpies and Bridget Riley. Modernism and abstraction lie at the heart of the Belfast collection, and successive curators have strengthened these areas and formed one of the most impressive collections of 20th century art in the UK outside London. It is, however, our ability to show historic and contemporary art in depth which makes the collection unusual. Recent acquisitions include time-based media by Willie Doherty and Cornelia Parker, and a rare early 17th century miniature on vellum of the Spanish Armada. The Irish Art collection spans the 17th
JACOB VAN RUISDAEL (1628/9–1682)
The Cornfield Accepted in lieu of Estate Duty from the Trustees of the Alfred Beit Foundation by HM Government and allocated to the Ulster Museum, 2017
century to the present and has particular
‘The Carrickfergus Madonna’, Winter and
number of Batoni’s portraits of Irish sitters
strengths in landscape, the ‘Irish
Spring by Pieter Brueghel the Younger
and other Irish Grand Tour paintings. The
Impressionists’ and those artists who
and a Holy Family by Van Oost. The Dutch
purchase fund at the Ulster Museum is
worked in the West of Ireland. In 1929, the
collection includes work by Salomon van
small, and these acquisitions have only
Belfast-born Sir John Lavery (1856–1941)
Ruysdael, Jan Pynas and Jan van Bijlert.
been made possible with grants from the
donated 34 of his paintings, including
Amongst the most notable British paintings
Art Fund and The Heritage Lottery Fund,
The Green Coat, a magnificent full-length
are Virgil’s Tomb by Wright of Derby and
and locally from the Esmé Mitchell Trust
portrait of his wife Hazel. Portraiture is
three impressive full-length portraits:
and the Friends of the Ulster Museum.
also strong and includes the first Portrait
Robert King, 2nd Baron Kingston (1680) by
of Seamus Heaney, commissioned from
John Michael Wright, Arthur, 1st Marquess
The first painting to enter the Ulster
Edward McGuire in 1974, and the last
of Donegall (1780) by Gainsborough and
Museum collection by way of allocation in
portrait completed months before the
Harriet, Countess of Belfast (1822) by
lieu, in 1998, was the small and meticulous
poet’s death in 2013 by Colin Davidson.
Lawrence. Of particular interest are two
View of the Palace of the Dukes of Brabant,
portraits of the County Down heiress,
Brussels (1660), by the Dutch painter Jan
The collection of largely 17th and 18th
Theodosia Hawkins-Magill, painted in
van der Heyden. The Palace of the Dukes of
century Italian, Flemish, Dutch and British
the same year, 1765, by Gainsborough
Brabant was once one of the most ancient
art is small, although it does contain some
and Reynolds. The acquisition in 1997
and extensive palaces in Europe. In 1731,
major paintings. The finest Italian works
of a portrait by Pompeo Batoni of James
it was destroyed by fire, making van der
are by Lorenzo Lippi, Romanelli and Donato
Stewart of Killymoon prompted the
Heyden’s detailed record of its architecture
Creti and the Flemish works include a 15th
exhibition James Stewart: An Irishman on
particularly important. The second allocation,
century School of Bruges Virgin and Child
the Grand Tour in 1999. This included a
in 2015, was an exceptional charcoal drawing
8
A time of gifts
by Frank Auerbach of his wife Julia from
celebrate this event the National Gallery
to nature attracted the admiration of later
the estate of Lucian Freud. Head of Julia
of Ireland lent Jacob van Ruisdael’s The
Romantic painters such as John Constable.
is loosely composed of spontaneous lines
Castle at Bentheim (also a Beit painting)
and marks, giving a powerful sense of the
to the Ulster Museum in 2019, thereby
Rembrandt’s originality and humanity can
sitter’s presence and suggesting inner
reuniting for a short time two of Sir Alfred
startle, even today. His ability to connect
thought. Such a combination of intimacy
Beit’s most important Dutch landscapes.
directly with the viewer is real and his
and sombre dignity appears to make
influence on contemporary and later artists
direct reference to Rembrandt’s Bearded
The Jacob van Ruisdael and Rembrandt
is profound. This small group of six etchings
man in a furred cap and robe and The
allocations provide the opportunity to
resonates with many of the paintings in
Artist's Mother, seated at a table. In 2016,
compare the work of two of the greatest
the collection. Whilst some influences are
a magnificent Ben Nicholson July 1953
landscape artists. Rembrandt was the
readily discernible, others are less so. The
(Cyclades) was allocated to complement
supreme master of conveying an idea or
use of chiaroscuro in The Adoration of the
Curved Form (Delphi) (1955) by Barbara
mood in a few unerring lines and in Six’s
Shepherds, The Sleeping Herdsman and
Hepworth, the most important work of
Bridge, perhaps the most famous of all
The Descent from the Cross by torchlight
sculpture then in the collection. These works
his etchings, the scrubby trees, distant
makes a direct connection with two night
form a remarkable pairing and brilliantly
windmill and high luminous Dutch sky
scenes in the collection: St. Christopher by
illustrate the development of British art
are captured in a faultless series of quick,
Jacob Jordaens and St. Francis at Prayer
and abstraction in the 20th century.
expressive lines. The Cornfield is also a
by Cristofano Allori. The ragged figures of
masterpiece and van Ruisdael’s depiction
the herdsman and the shepherds, made
In 2017, we received an allocation of
of the atmospheric, low-lying Dutch
familiar through the widespread distribution
international importance, The Cornfield by
countryside has remarkable delicacy and
of Rembrandt’s prints, may have influenced
Jacob van Ruisdael, which had come from
restraint hinting at a deeper, more poetic
the north Italian painter Giacomo Ceruti,
the Beit collection. In 1952, Sir Alfred Beit
meaning. The seeming isolation of the small
best known for his depictions of beggars.
(1903–1999) bought Russborough House
figures and the cloud shadows flickering
Two of our foundation paintings, purchased
in County Wicklow and moved there with
across the fields, create a mood of brooding
1893, are by Ceruti: Boy with a Dog and
his remarkable art collection, including
melancholy. This heightened sensitivity
Boy with a Basket of Vegetables. Ceruti’s
major works by Vermeer, Velázquez, Goya,
figures have a naturalness and immediacy
Gainsborough, Metsu, Bellotto and van
that can be linked to Rembrandt’s etchings.
Ruisdael. Astonishingly, these important
Rembrandt is the invisible presence in
paintings were kept at Russborough with
so much later work and his absence
very little security. From 1974, the collection
from our collection was significant.
suffered four high-profile robberies in the course of which The Cornfield was
For the future, it is our aim to give all
stolen on three occasions. Eventually the
our visitors access to the finest historic
stolen paintings were recovered and in
and contemporary painting, drawing
1987 the major part of the Beit collection
and printmaking. In this, the six Belfast
was presented to the National Gallery
Rembrandt etchings will play an
of Ireland. Some paintings remained,
important part. They deepen and enrich
however, at Russborough, and when later
our collection and will provide inspiration
the Alfred Beit Foundation incurred UK tax
for artists and visitors in the future.
liabilities The Cornfield was accepted in lieu. The Beit Foundation most particularly expressed the wish that this magnificent landscape should remain on the island of Ireland, and accordingly allocation to the Ulster Museum was recommended. To
REMBRANDT HARMENSZ. VAN RIJN (1606–1669)
Bearded man in a furred cap and robe, 1631 Accepted in lieu of inheritance tax by HM Government and allocated to the Ulster Museum, 2019
9
Christie’s Bulletin for Professional Advisers
Thomas Chippendale Senior: ‘The Shakespeare of English furniture makers’
Robert Copley Christie’s International Head of Furniture
Ann Sumner Former Historic Collections Adviser to Harewood House Trust, Yorkshire
An excerpt taken from an interview
When did he move to London, and what was
conducted between Christie’s
his work life like there?
International Head of Furniture,
AS: ‘We don’t know exactly when and
Robert Copley and Ann Sumner, the
why he left Yorkshire, but we do know
former Historic Collections Adviser
that by the time he married Catherine
to Harewood House Trust, discussing
Redshaw, in 1748, he seems to have been
the life and legacy of the legendary
settled in London. In 1754, Chippendale
cabinet-maker and furniture designer.
moved to St Martin’s Lane, where he oversaw a large workshop called The
Who was Thomas Chippendale?
Cabinet and Upholstery Warehouse.
Robert Copley: ‘Thomas Chippendale (1718–
There, he and his financing partner James
1779) is without question Britain’s greatest
Rannie employed probably as many as
cabinet-maker. He excelled in every style
50 craftsmen. A fire in 1755 destroyed
he worked in, from the whimsical Rococo
22 craftsmen’s tool chests, suggesting
and the fashion for all things Chinese
that a larger number of journeymen were
in his early career, to the Neoclassical
employed in other parts of the building –
with its straight lines derived from the
probably at least double that number.’
ancient world. His reputation spread far beyond the shores of his homeland, and
What was The Gentleman and Cabinet-
his genius is reflected in the number of
Maker’s Director, and how significant was
beautifully designed and executed pieces
it for Chippendale’s career?
of furniture that survive in excellent
RC: ‘The Gentleman and Cabinet-Maker’s
condition nearly 250 years after his death.’
Director catalogued 160 Chippendale designs that could be built for clients, or that
What do we know of his early life?
other cabinet-makers could copy. Published
Ann Sumner: ‘Frustratingly little.
in 1754, it undoubtedly launched his career.
Chippendale was born in the town of Otley, in Yorkshire, in 1718, the only son of John
AS: ‘While a handful of furniture designs had
Chippendale (1690–1758) and Mary Drake.
been printed before, Chippendale’s Director
His father’s family was involved in the
was the first publication on such a large
timber trade and carpentry, and his mother
scale. It included designs for ‘Household
was the daughter of a local stonemason.
Furniture’ – chairs, sofas, beds, commodes, clothes presses, clocks, writing tables,
‘Chippendale’s father, John, moved to
bookcases, pier glasses, picture frames – in
Otley, where he worked as a ‘Joyner’. The
the ‘Gothic’, ‘Chinese’ and ‘Modern Taste’,
activities of his relatives give an indication
the latter referring to what would today
of the atmosphere of craftsmanship in
be termed the French Rococo style.’
which Thomas Chippendale grew up in Yorkshire. Chippendale may have trained
RC: ‘Chippendale was an astute
with his father before possibly working
businessman, and the Director was aimed
as an apprentice for the furniture-
at promoting his trade. His intention was to
maker Richard Wood in York. There is
sign up 400 subscribers who would receive
scant information about Chippendale’s
the 160 plates either bound at £1.14 shillings
personal life, but we know he was
or loose at £1.10 shillings. A subscriber would
married twice and had 12 children.’
have to make a 50% down payment, but would receive a discount on the eventual
10
Thomas Chippendale Snr: ‘The Shakespeare of English furniture makers’
proposed price. Booksellers were then able
and landowner, Dundas spent over £1,000
19th century the lantern was converted into
to sell them on at marked-up prices.’
with Chippendale between 1763 and 1766
a pair of firescreens, probably by the firm of
for his North Yorkshire home and for his
Trollope & Sons, who were then conducting
London home at 19 Arlington Street.
interior renovations at Harewood.
but there were also some architects
‘Thomas Chippendale is first recorded
AS: ‘However, not all Chippendale’s patrons
and sculptors, as well as members of
at Harewood House, the home of Edwin
were aristocracy or gentry. They also
the nobility and gentry. The majority of
Lascelles, a Yorkshire landowner, in 1767.
included the celebrated actor and theatre
those who subscribed, however, were
Lascelles was looking to furnish the new
manager David Garrick, who ordered
craftsmen in the furniture trade.’
house, designed and built by John Carr
furniture from Chippendale for his villa
of York and Robert Adam. Chippendale
at Hampton in Surrey. Today, Garrick’s
RC: ‘The book was an immediate success.
masterminded lavish, complex wall
bedroom furniture and four-poster bed
The Director was reprinted a year later
treatments with elaborate giltwood
can be seen at the Victoria & Albert
and further enlarged and edited in 1762,
mirrors and associated carving.
Museum. Chippendale also produced
AS: ‘Initially, 308 people signed up for the Director. Many were tradesmen,
by which time Neoclassicism was fast becoming the fashionable style.’
off-the-peg items for a more casual ‘Harewood was Chippendale’s largest
customer, such as his popular hexagonal
commission, and probably exceeded
tea tables which sold at 4 guineas each.’
AS: ‘All of Chippendale’s known documented
£10,000. To give this some context, the
furniture commissions date from after
entire cost of nearby Denton Hall (also
RC: ‘Surviving invoices make clear that
the publication of the Director, so it was
designed by John Carr) cost a total of
Chippendale did not limit himself to a
undoubtedly a commercial success. The book
£11,000 to build – including the Chippendale
house’s grander rooms; he produced modest
played a significant part in his legacy, not
furniture, which cost more than £500.
furniture for all parts of the home. At Nostell
only in Britain but in Europe and America.’
Priory, for instance, he supplied Sir Rowland RC: ‘Amongst the most expensive pieces
Winn a four-post servant’s bed for the cook’s
Who were Chippendale’s leading patrons?
made for Harewood are the state bed at
room at a cost of £1.10 shillings in 1767.’
AS: ‘Chippendale’s patrons were the great
a cost of £250, with an additional £150
and the good, who were building new homes,
for the hangings and the Diana and
Why did Robert Adam, the Scottish
updating their family seats or furnishing
Minerva commode at a cost of £86, both
architect, become such an important figure
their London houses. His versatility as a
of which are still in situ at Harewood.
in Chippendale’s career?
craftsman and entrepreneur meant that
AS: ‘Adam and Chippendale worked
he was commissioned to furnish some
‘The hexagonal hall lantern was delivered in
together on at least 12 occasions. It
of the greatest houses in the country,
1774 for £123 8s. The bill lists “Carving and
would appear that Adam recommended
creating complete room schemes when
various Patterns in wood” and “…afterwards
Chippendale to patrons who required
required. He designed a range of items
Chasing them in Lead & brass”. It is likely
furniture and furnishings to complete
far beyond furniture, from wallpaper and
that Chippendale’s workshop created the
interior spaces. It is generally felt that
carpets to brassware and cast iron.
lantern designs in wood and that the actual
while Chippendale was inspired by the
casting and chasing was subcontracted
architect’s work of the 1760s, he took
‘Perhaps the best-known Scottish
out. The completed lantern featured
Adam’s ideas further with a series of
commission was that for William
arched panels surmounted by flaming urn
his own bold designs in the 1770s.’
Dalrymple, Earl of Dumfries at Dumfries
finials, draped with berried swags below
House, who was one of the few
and terms representing Luna and Aurora,
RC: ‘Adam became a pioneer of the
patrons to order Rococo show-pieces,
goddesses of the moon and the dawn.
Neoclassical style, which was becoming
exemplifying Chippendale’s early style.
fashionable by 1762. If it was Chippendale’s ‘The lantern was removed in the early 19th
designs from the Director that made him
‘Another important Scottish client was
century, when Harewood’s entrance hall was
famous, most Chippendale furniture we
Sir Lawrence Dundas. A businessman
refurbished in the Egyptian taste. In the mid-
know and love today is Neoclassical. 11
Christie’s Bulletin for Professional Advisers
‘In 1763, Sir Lawrence Dundas acquired
offered again at Christie’s. In 2008, the
dining room on the state floor
19 Arlington Street, off Piccadilly. He
pieces broke their own record as the most
of the country house.’
commissioned Adam, who remodelled
expensive Chippendale works ever sold.’
the house and provided a design
Is it still possible to see pieces and interiors
for a sofa – executed, uniquely, by
AS: ‘Adam’s influence can also be seen
by Thomas Chippendale in the houses they
Chippendale – that featured both
in the sideboard suite for the dining room
were originally created for?
Rococo and Neoclassical elements.
at Harewood. The sideboards themselves
RC: ‘In addition to the houses referenced
are made of tulip wood with marquetry
by Ann, I would add Nostell Priory, which
‘This suite of seat furniture was the most
veneer on a rosewood ground. They are
now belongs to the National Trust.
expensive of Chippendale’s career: the
accompanied by urn-topped pedestals,
Chippendale provided Sir Rowland Winn
sofas cost £54 each, and each chair cost
with particularly fine ormolu rams’ heads
with an extensive range of pieces for
£20. Dispersed from the house in 1934 at
at each corner. This type of dining suite
the grand staterooms, including picture
an auction conducted by Christie’s, various
was very much pioneered by Adam,
frames and Chinese wallpaper, as well
elements of the suite have since been
giving a new emphasis to the formal
as for the kitchen and servants’ rooms. ‘At Newby Hall, also in Yorkshire and privately owned, the highlight is the tapestry room, hung with a set of French Gobelin tapestries signed by Jacques Neilson and furnished with giltwood armchairs by Chippendale – the only set to retain their original Gobelin tapestries. As at Harewood, Newby was subsequently furnished by Thomas Chippendale Junior, who was running the firm by 1776.’ What is the market like for pieces by Thomas Chippendale Senior? RC: ‘The market for pieces by or firmly attributed to the great man has remained strong. A small chest might make in the low thousands of pounds, while the grandest pieces have been sold for many millions of pounds. ‘Dumfries House and its contents was sold for £45 million in 2007 by the Marquess of Bute – advised by Christie’s – to the Dumfries House Trust after the generous intervention of HRH The Prince of Wales and a number of other benefactors. While the house and land was valuable, the majority of the value was in the contents. A remarkable statistic is that all of the pieces
A George II parcel-gilt padouk cabinet-on-stand, attributed to Thomas Chippendale, 1755–60 Sold for £2,729,250 in 2008 at Christie's London
of English furniture sold for in excess of £2 million are by Thomas Chippendale.
Art, finance and the global markets
Art, finance and the global markets
As the international art market
around the world have proven adept at
continues to grow, a question which
reacting to whatever stimulates them.
is often asked is: are record prices for
A problem in New York in a morning is
art being mirrored in other markets?
quickly transmitted to London’s afternoon trading session and is on Tokyo’s desks for
In 2016, anyone who thought that Britain Alistair Hodgson Investment Manager, Pilling & Co
would not vote to leave the EU was
Alistair Hodgson has been an investment manager at Pilling & Co since graduating from their dealing room in 1998. Prior to working for Pilling & Co, he trained with what was then Refuge Assurance PLC. A Senior Chartered Wealth Manager, his views have been sought by BBC radio and television. He manages bespoke portfolios for the firm’s larger clients and consults on the construction of model portfolios for a wider audience. Amongst other professional affiliations, he is a Chartered Fellow of the CISI and has been active within the institute locally for many years.
when traders clock in just a few hours later.
wrong. They were wrong again if they
However, for those who understand
thought that Donald Trump was destined
and can afford the finer things in the art
to avoid the White House. Indeed, they
world, life is a little bit different, isn’t it?
could have made it three out of three by predicting that the ensuing period would
The international art scene may not
be negative for many investments, as
thrive on the same level of day-to-day
the world went on to witness the longest
hustle and bustle as the City, but it
economic expansion in US history.
has been thriving nonetheless. Whilst I was loosely aware that investors in fine
Sometimes records are there to be broken
wines, art and classic cars were also
and conventions to be challenged.
benefitting from a rising price trend, I never stopped to gauge it until recently.
As a stockbroker, I operate in a world of liquid, publicly listed and easily priced
I was not entirely surprised to see how the
assets and it is simple for me to draw upon
markets for what can be termed as largely
certain charts to understand and measure
unregulated assets have progressed in a
what is happening to them. Stock markets
similar fashion to my own areas of expertise. Since the lows of the global financial crisis in 2009, the main worldwide equity markets have roughly trebled in value. When I looked at the high end of the art market, a plot of the dates and prices achieved for some of the world’s most expensive paintings at auction was also indicative of a rising trend even if the data is much less granular. Volumes would appear to be improving too. So whilst the headlines created by the sale of the Salvator Mundi at Christie’s were considerable, for those of us that do not operate in the art market, it was but the latest, timely reminder that not only liquid assets were undergoing a period of strong inflation. The link between the trends we have seen in
LEONARDO DA VINCI (1452–1519)
Salvator Mundi, c.1500 Sold for US$450,312,500 on 15 November 2017 at Christie’s New York
the collectibles markets and the world’s stock markets is, in my view, the unprecedented 13
Christie’s Bulletin for Professional Advisers
monetary policies we have witnessed
in any market and one which is certainly
traditional buyers of such assets – pension
since the financial world was so rocked
crucial to the art market, is to locate the
funds and banks – out of the market. In
just over a decade ago. To borrow from a
most sought after assets of the future!
turn, these erstwhile bond investors had
phrase I so often have needed to include in
to go off in search of other investments
my client reports, the asset price inflation
To explain how I link monetary expansion to
such as company loan stocks and equities.
that we have witnessed is the corollary of
a wide ranging appreciation in asset prices
In this way, we became accepting of
too much money chasing too little asset.
– but significantly, not to a more general
greater risk in pursuit of the returns to
inflationary trend – we need to look at
which we were previously accustomed.
It might not massage our egos very much
what actually happened when many of the
It affected my clients because the rise in
to think that despite our skill, much of our
worlds’ major central banks began to bulk
demand for all of these securities drove
investment returns are simply the product of
up their balance sheets. By and large, when
up prices and compressed yields, making
buying something somebody else will want
the central banks of Japan, the US, UK and
their capital less capable of producing the
and sitting on it. That thought has a certain
EU began to ‘print money’, they acquired
same level of income for them as might
resonance when we consider the impact
lower risk assets, often their own sovereign
previously have been expected. I have
of quantitative easing. In any case, the skill
bonds. By so doing, they crowded the
observed and remarked over the ensuing
The comparison between Sunflowers and the Salvator Mundi shows how the landscape for masterpieces has transformed in recent decades Van Gogh’s Still Life: Vase with Fifteen Sunflowers goes to auction at Christie’s on 30 March 1987. The painting sold for £22,500,000
14
Art, finance and the global markets
period, how this very trend has sparked
ahead clearly is probably over-simplifying
can be stored in such artwork and how
interest in seeking alternative assets.
the challenge. But there are some factors
important an asset class art can be.
we can consider in order to try and Bearing in mind that the total value of the
understand how things might pan out.
UK government debt market is around £2.2
In the same way that clients sometimes ask me for a view on, say, London property
trillion and the London Stock Exchange
Sticking to my own area of expertise, an
prices, I am unable to tell owners of
main market capitalisation is £3.8 trillion,
expansion of stock price/earning multiples
collectibles whether the future is bright or
the notion of shoe-horning a massive
has been a well observed trend over the
whether it will all end in tears. But what we
£445 billion of new money into these
last decade. This is one way of measuring
do at least have a view on is the position of
markets was always going to create some
how a given share is priced relative to last
central banks and that gives us something
supply problems - even during what was,
year’s profits. Simplistic though it seems, it
to work with. Recently, the US Federal
to begin with, an economic malaise!
underlines how a desire to buy such assets,
Reserve has become more accommodative
just as UK houses, might have risen faster
in monetary policy terms, bringing the
So it came to pass that whilst we in the
than the incomes of the people who buy
federal funds rate down from 2.5% to 1.75%.
UK fretted about the value of the pound in
them. In the bond markets, the upward
In Japan, rates are -0.1% and in the Eurozone
our pockets and whether the Euro would
trend in pricing is even easier to spot,
they are 0%. Although in Britain we have
even last beyond the Greek debt crisis, a
because some government bonds now
our rates at 0.75%, it is oft speculated
new expansionary era began for those who
have negative yields. Yes, that really does
that it will only take a small amount of
could afford to buy sought after, enduring
mean you buy part of a loan to, say, the
post-Brexit economic trouble to see that
assets and keep hold of them. I would like
German government for ten years and at
brought down. In a strong economy the
to think that whether you have crafted a
maturity you receive less money back! This
Swiss National Bank has pushed its rates
share portfolio since this time or a well-
is now such an established trend that it is
down as far as -0.75%. Unless the pattern
chosen collection of stamps there is a good
estimated that perhaps $17 trillion worth of
changes, this lower-than-a-snake’s-belly
chance you are sitting on a profit for doing
the world’s bonds are negatively yielding.
rate environment is the impetus behind the
so. The years between the credit crunch
continuing search for assets in which to salt
and the present day has certainly been a
If that is the backdrop created by financial
away excess capital, lest the combination
rewarding period across multiple markets.
markets, what does it do for art buyers?
of low deposit rates and inflation be
Well, it could certainly spur some people
allowed to erode value. It is as powerful
As an aside, you might like to observe
with excess capital to look again at what
a force today as it was ten years ago.
that whilst there were worries that QE
can be achieved by acquiring highly prized
might spark general inflation, in reality the
artwork. I appreciate that unlike financial
Thus, the hunt for a gainful place to store
liquidity that was created never filtered
investments, art and other collectibles can
wealth will remain tricky but necessary. And
down through the system to the man in the
give pleasure to the owner. But how many
it will be for us here at Pilling, the experts at
street, he never got the chance to spend
people would pay $100 million for a painting
Christie’s and all of the other professionals
it, and the demand for goods and services
just because they like the way it looks?
involved to continue to help steer clients to
did not feel the same sort of improvement
successful outcomes in our respective fields.
as asset prices. Socialist politicians have
Whilst the owner of a beautiful sculpture
since argued that this was unfair.
may enjoy having it in their home,
This publication is a general opinion of
how do they know whether they have
present economic conditions and has
How can this analysis help to predict
overpaid for it or not? Having long since
been approved by Pilling & Co based on
where we go from here? In short, it’s very
exceeded the worth of its constituent
data available as at December 2019. It
difficult. Despite clearing the hurdle of a
parts and not providing any income
should not be construed as investment
General Election, we in the UK still have
to its owner, we in the financial world
advice, which should be sought from
Brexit negotiations lying ahead of us,
would probably be at a loss to ascribe
appropriately regulated sources tailored
making certainty a commodity in short
value to it. Yet we are intermittently
to you own needs prior to any decision to
supply. Any commentator who sees the path
reminded of how much money’s worth
buy, sell or alter your present investments. 15
Christie’s Bulletin for Professional Advisers
Inside Christie’s
Adrien Meyer
from Paul Signac, a lost Rodin watercolour,
Global Head, Private Sales
even a pair of Monet’s spectacles. She was the heir to Monet’s descendants – and
My dream city would be Paris, but
nobody knew that Monet had descendants!
with a New York spirit. I speak as a born Parisian, lucky enough to live in
I caught the auction bug when I was
New York. Paris would benefit from
seven years old. Every weekend my father
some of New York’s human magic.
took me to the local salerooms of the Drouot auction house. I was fascinated
My job is to hunt for works of art. As head
by this other world – by the Proustian
of private sales, I spend a great deal of time
atmosphere, messy, full of charm and
meeting collectors and trying to understand
discoveries. I would watch the auctioneer
what they want. I flip through old exhibition
up there selling books, wine, furniture,
catalogues to identify works that might still
pictures. I relished the theatricality of it all.
be in private hands. It isn’t so much about getting the work for sale as connecting
My first recollection of a work of art
with people and creating relationships.
was at the same age – and I walked on it. I will never forget the astonishing
Photograph by Brian W Ferry
Private sales are a kind of reverse dynamic.
project of Christo, who had wrapped
Whereas auctions are driven by sellers,
up the Pont Neuf in Paris. It was the
private sales are led by buyers. Say, for
first time I saw his work, and the first
instance, you are longing to buy a great
time I set eyes on that bridge. Christo’s
Seurat Conté drawing, it may take years until
radical and poetic approach in revealing
you find the right one at auction, whereas
something while hiding it astounded me.
we can try to locate one privately, which may then become available. Private sales often
Auctioneers live with the unexpected.
trigger transactions that otherwise would
Until proceedings begin, you have no clue
not have happened. We don’t only think
how the room will respond, how a particular
about what clients already own, but also
painting will fare. That’s exactly why I get
about the missing link in their collection.
a kick out of it. And when you think that the sale of a single lot – an event that is
Always show up. I once got a call from a
over and done within a matter of seconds
friend who asked me to meet a client of
– might be the culmination of months and
his at a highway toll gate – on Christmas
sometimes years of work, that is a rewarding
Eve! My friend said: “This person wants to
part of the job. I guess the most successful
remain anonymous, but just trust me.” So I
auctioneers manage to remain themselves
set of early in the morning and drove to the
in the rostrum. Easier said than done!
designated toll station. There, we met up with
16
a gentleman who asked us to follow his car
Why do we have art at all? The interesting
to a little town outside Paris. We arrived at a
paradox is this: art is anything but a
modest apartment and were greeted by the
necessity, yet we all need it in our lives. We
man’s mother, who revealed an astonishing
are all drawn to beauty, one way or another,
portfolio of works tucked away under the
and art is a way for humankind to create
bed, in cupboards and down in the basement.
hope. It elevates us to a plane where we find
Among them was a gorgeous Monet
meaning. As Duchamp said, it is the viewer
Nymphéa painting. But also, illustrated letters
who gives the meaning to the picture.
FINE AND RARE WINES AUCTION · 15 June 2020 · London CONTACT · Charles Foley · cfoley@christies.com · +44 (0) 20 7752 3092
Auction | Private Sales | christies.com Other fees apply in addition to the hammer price. See Section D of our Conditions of Sale at the back of the Auction Catalogue
ARMAND ROUSSEAU Chambertin 2010 3 bottles £5,500–6,000
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VISIONS OF COLLECTING: ROYAL AND ARISTOCRATIC, AN IMPORTANT PRIVATE COLLECTION Total realised: £3,111,375 London, 19 September 2019
CONTACT Mark Wrey mwrey@christies.com +44 (0) 20 7389 2464
